A Personal Banker's Risk and Opportunity

A personal banker must juggle new business opportunity while minimizing risk challenges. With a new paradigm of regulation and growing schemes of fraud along with high demand to cross-sell the customer, the new accounts desk presents a blurry line of both risk and opportunity.   A personal banker spends their day completing an entire menu of tasks such as onboarding new customers, changing addresses for existing customers while weaving through the maze of procedures, best practices, policies, disclosures, and product knowledge.

Some banks shy away from calling the personal banker a sales representative.   However many community banks take the position of Texas Bank & Trust, Longview, a $1.9 billion dollar community bank with 19 locations in east Texas.  Connie Milligan, Senior Vice President, Director of Human Resources explains her bank’s approach, “Our lobby representatives are expected to act as trusted advisors and identify what our customers need.   They assist in matching the right bank products with the right customer.  They are all cross-trained to assist as a teller when needed.  They achieve incentives based on a variety of criteria, including cross-selling.”

Milligan stated her bank hires those with a strong customer service mindset. When they find the right candidate they guide them on a course towards success.  They start down a learning path the bank has in place.  The new hire or an employee that moves into this position is expected to be basically up and running after 4-6 weeks.  A mentor provides intensive, position-targeted training on the various legal and key issues.  Then the employee is given a desk and charged to work independently relying on the mentor for guidance.

“No question the proper documentation and procedures present the greatest challenges in this position because of all the variations that come with complex, volatile new account issues”, said Milligan.

The personal banker is typically the go-to person for answering questions, ordering checks or replacing debit cards and must excel at friendliness.  Always on the lookout for potential fraud, personal bankers spend time evaluating every aspect of a transaction for risk while respecting a laundry list of regulations.  The master-level personal banker knows that scrutiny is required in every situation. 

 

Still learning,

Honey

www.interaction-training.com

The Job of a Personal Banker

Job titles and job descriptions vary from one financial institution to another but whatever the title given to the person responsible for being the face and selling point of your bank is commonly referred to as that of the personal banker.  All banks, regardless of size, want to fill this position with a problem-solving, quick to smile, highly trained person that adheres to banking regulations while watching the front door for their next customer.  Personal bankers meet all day long with new and existing customers.   The impression they make on customers will often become the impression the customer has of your bank!

The role of the personal banker may include a long list of expectations including assuming the functions of the teller as well as opening, maintaining, and closing bank accounts.  Some banks include brokerage and consumer lending responsibilities for this position.  Size of the bank, market demand, and lobby traffic seem to be major considerations when determining what all is expected of this position.

“The personal banker must acquire discernment for fraud, be highly conversant on a multitude of banking regulations, and, always mindful that they represent the bank as they execute and disclose legal contracts,” says Deborah Crawford, president of Gettechnical, Inc.  Crawford’s specialty is the deposit side of the bank and teaches seminars on regulations, documentation, insurance, and Individual Retirement Accounts.  Crawford is very familiar with the price and liability a bank can incur when procedures are violated or documentation is not handled according to the rules.

She is quick to acknowledge that consumer accounts are often more straight-forward than commercial accounts but both have serious risk factors.  Minor accounts, custodial accounts, corporations, and retirement type of accounts all require different considerations.  Plus, criminals prowl for opportunities to victimize a bank using fraudulent ID or bogus checks.

 

Still learning,

Honey

www.interaction-training.com

High Performing Branches - Installing a Sales Culture - Part 3

As expected, there are a number of elements necessary for a financial institution to have a fully integrated sales culture.  A financial institution with an entrenched sales culture knows that to create that culture at a high rate of speed you are looking at two years, at least.  Not only is the target constantly moving; the bar for achieving a fully integrated sales culture is always rising.

Many banks attempt to simply overlay new concepts over existing organizational structure.  The flaw in this is that it leaves existing thinking in place. In order to change a culture, you have to change thinking through role modeling, training and conveying expectations.  The decision to move towards a sales culture is the easy part.  Getting a strong majority on board and tirelessly executing the plan to deliver the results that a sales culture can provide is no doubt the hard part.  And, if getting there is hard, staying on top of a thriving sales culture is harder.

Get the Picture!

Executive management must have a true picture of where the institution is today and where it needs to be headed.  Establishing a clear picture of what a successful sales culture will look like is the foundation of success.  Everyone must get the picture.  Especially leadership in the branches, and, most definitely,  those leaders that the branch managers look to for direction.

Declare Victory Over Your Desired Outcome; Then Work Backward.

Community banks have the advantage of doing many things extremely well.  Know their customers in ways that bigger banks can only dream of; they genuinely serve the communities they serve and can traditionally respond quicker to the needs of the customer.  

Yet when it comes to building relationships with customers methodically, cross-selling a broad product range, and developing a true sales culture throughout their organization, community banks frequently lag in comparison to larger banks.

Vision, Values, Mission

It is critically important to have a clear vision of where the company wants to go and when it plans to get there. The CEO will need to sell and tell that vision, then require all responsible parties to contribute to developing a plan of attack to achieve the vision.  Another key to a sales culture is developing values that describe how everyone on the team will need to conduct themselves along the way. 

Lastly, a plan is written with measurable goals that are realistic, obtainable and are supported by clear strategies that ensure action is taken and monitored.   

That common bond that is formed from having a clear understanding throughout the company of what the vision and values are establishes the mission.   That mission is what creates a synergy and excitement that is evident in terms of camaraderie and results.

 

Still learning,

Honey

Cross-Selling Tips for Bankers

You must always set the stage for cross-selling with excellent service and a positive image.  Start your day off with cleaning up your work area, stocking it with supplies and marketing material.  Include brochures, business cards and if you have a special offer create a tent card for your window by tastefully mounting a screen shot or newspaper ad for display. Clear picture frames make excellent props for displaying brochures or advertising. Focal points generate conversation so you will want to support any effort the company has put forth in statement stuffers, signage and advertising.

There is an old adage that goes like this “people don’t care how much you know until they know how much you care.”  How you convey that you care begins with a smile. 

Be Inquisitive, Engaging and Prepared

• Appear friendly and approachable
• Introduce yourself, look them in the eye
• Use their name
• When it’s appropriate start and end on a handshake
• Pay them a sincere compliment
• Get to know them as a person
• Engage them with questions that express care and interest

“How’s your week going?”

“Tell me about your family,”

“Tell me about your work.”

“What’s new with you?”

“Have any big plans for this time of the year?”  

Put these tips to work for you and you will ace your job at the branch!   

Still learning,

Honey